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Bill Gates loses world's richest title to Amazon's Jeff Bezos

cnn | Posted By : TechGig Editor|4 months ago |4268 Views

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A rapid growth in post earnings of Amazon.com's shares has concluded in Jeff Bezos making it to the top of the list of Bloomberg Billionaires Index. With this he has now surpassed Bill Gates in terms of wealth, a record which Gates maintained for over four years.

The founder and chief executive officer of the US based online retailer added $10.4 billion to his net worth as shares of Amazon ballooned 13%, the highest in two and a half years.

On friday, Bezos boasted of a net worth of $93.8 billion, that is $5.1 billion more than that of Bill Gates as mentioned on the

Bloomberg index, a daily updated ranking of the globe's 500 wealthiest people. Bill Gates, 61, has held the title of been the worldâ€™s richest person since the year 2013.

Bezos, 53, has added $28.5 billion to his kitty of wealth this year, while Gatesâ€™s net worth surged by $6.3 billion since year-end, even after his donation of $4.6 billion to Bill & Melinda Gates in August this year.

Amazon recently reported substantial losses in the September quarter, as the online retailer soared its investment in India, a key market where it is witnessing a cut throat competition with Flipkart.

Amazon's global loss surged 73% year-on-year to $936 million in the quarter, said Amazon, which is investing aggressively in domains such as digital payments, video and music content, as well as in the Alexa-integrated smart home devices for its India expansion.

Amazon also recently unveiled a range of Echo speakers with Alexa which comes as its personal assistant feature in India. The company has formed an alliance with BPL to embed Alexa into its home appliances.

Amazonâ€™s chief financial officer Brian T. Olsavsky said the Diwali sales in India along with Prime Day sales internationally had bolstered the companyâ€™s sales in the September quarter.

â€œWe had the first Prime Day there this year, Prime Music, Amazon Business is also expanding in India. So, a lot of positive momentum and investment going on in India, very pleased with that. We also recently announced Echo and Alexa are available in India. So that should be well received by the Indian consumer base,â€ said Olsavsky.

Amazon India chief Amit Agarwal also informed in an interview on company's plans to invest in key segments like digital payments and the Prime membership programme.

Amazon has already announced an investment of $5 billion in India, and has spent over $2 billion expanding its business in the country.

â€œI think our investments are still squarely in the same three areasâ€”how do we add more selection, how do we make it easier for sellers to offer more competitive prices and how do we build for faster deliveries. I donâ€™t think we do anything else. A layer on top of that is that we keep investing in Primeâ€”so video, music, Echo, etc are our key areas,'' said Agarwal.

â€œWe launched Prime there a year ago, if you remember, and weâ€™ve had more Prime members join in India than in any other country in the first 12 months. We have free shipping on 10 million items there and weâ€™re continuing to add benefits; Prime Video, Amazon Family,â€ said Olsavsky.